OPEC's Decision to Delay Cuts
Sends Oil Futures Sharply Lower

By

Masood Farivar Dow Jones Newswires

Updated Dec. 6, 2001 8:59 p.m. ET

NEW YORK -- The decision by the Organization of Petroleum Exporting Countries to delay an oil-production cut, forecasts of softer oil demand, and unseasonably warm weather in the Northeast combined to push crude-oil prices sharply lower.

OPEC said it would hold off on lowering its production ceiling until it secures a firm commitment from other producers to join in a new round of output cuts.